Recently I started doing investments using Zerodha. I received dividend from a stock in the previous FY.
In AIS (Annual information statement) - that “same” (duplicate) dividend amount is show under two sections, first time under TDS/TCS and second time under SFT Information.
Because of this the summary amount increased in TIS statement. Form 26AS shows correct amounts.
Can I leave it as-is or should I update and mark one entry as duplicate? Which section should I mark as duplicate TDS/TCS Section or SFT section?
SFT is just statement of financial transaction. it’s a transaction log. It’s just to inform you that income tax is well aware of these transactions. Now credit card payments are also coming as SFT, just to inform that they are tracking it.
TDS statement is amount of TDS deducted for that SFT. So it is not a duplicate as far as I believe.
Is it being added twice to your total income?
As far as I know SFT is just a transaction log and not added to income. The TDS row will be added to income since that was paid for you.
SFT also contains buying of mutual funds and credit card payments, which is clearly not taxed since it is an expense and not income
A transaction can be reflected in both tabs. SFT is a view where all transactions will be reported whereas under the TDS/TCS tab, only transactions on which taxes were deducted will be shown. You need not take any action in this case.
Thanks for the reply. In my case it got added to the income.
I see the same dividend amount In TIS, one Under “Dividend → linked to AIS\SFT Transaction” and second under “Receipt of foreign remittance” → linked to AIS\TDS TCS Information.
Don’t I still need to fix one of those two and mark as duplicate?
Thank you!